Biomira Shareholders Approve Move to U.S.

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[{"type":"text","content":"\n\n\n\nEDMONTON, Dec. 4 /CNW/ - Biomira Inc. (Nasdaq: BIOM) (TSX: BRA)\n("Biomira", the "Company") today announced that the Company's shareholders\nhave approved a plan of arrangement under which the Company will move to the\nUnited States and change its name to Oncothyreon Inc. ("Oncothyreon"). The\napproval came at a special meeting of shareholders held today in Edmonton.\nUnder the plan of arrangement, which remains subject to court approval,\nOncothyreon will be the ultimate parent corporation of a successor corporation\nof the current Biomira and its subsidiaries. Upon the completion of the\nproposed arrangement, holders of common shares of Biomira will receive\none-sixth of a share of common stock of Oncothyreon in exchange for each\ncommon share of Biomira. Oncothyreon intends to establish its headquarters in\nor near Seattle, Washington.\n\n\n"We are very pleased to have received the strong support of our\nshareholders for our relocation and the revision of our capital structure,"\nsaid Robert L. Kirkman, M.D., President and Chief Executive Officer of\nBiomira. "The management and Board of Directors of Biomira believe these steps\nare essential elements of our vision to create long term sustainable value for\nour shareholders, and we are gratified that our shareholders have agreed. We\nwill continue to work to advance our exciting pipeline of anti-cancer product\ncandidates to justify the confidence in our future represented by this vote."\n\n\nImplementation of the plan of arrangement remains subject to receipt of a\nFinal Order from the Alberta Court of Queen's Bench. Assuming receipt of court\napproval, Biomira intends to file articles of amendment to effect the plan of\narrangement on or about December 10, 2007, and to commence trading as\nOncothyreon on the Nasdaq National Market under the symbol "ONTY" and on the\nToronto Stock Exchange under the symbol "ONY" shortly thereafter. Letters of\ntransmittal are expected to be mailed to registered shareholders commencing\nDecember 5, 2007.\n\n\nAbout Biomira\n\n\nBiomira is a biotechnology company specializing in the development of\ninnovative therapeutic products for the treatment of cancer. Biomira's goal is\nto develop and commercialize novel synthetic vaccines and targeted small\nmolecules that ha...

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